Legal envrionment of business

Instructions

Write a paragraph or more for each numbered question below (and for each lettered sub-question where applicable). Do not copy and paste directly from the book for your entire answer–incorporate your own words, understanding, detail, and/or example(s). Do not use Google, Baidu, or ANY INTERNET SITE–do not plagiarize–use ONLY the material from the book and the class lectures/recordings (email me any questions). No internet use for essay assignments or it is a zero. PLEASE ATTACH ONLY ONE FILE FOR ALL QUESTIONS, and please label the question numbers/sub-questions.

Note: a paragraph is at least 3 healthy sentences as a rule-of-thumb, and more importantly you should answer thoroughly so that each question is fully answered. I do not deduct for spelling or grammar issues. Use the class recordings to help formulate your answers (class recordings tab to the left). No need to cite the book.

(Chapters 12 and 13)

1. Discuss the four requirements needed for a valid contract to be formed.

2. Read the court case Lucy v. Zehmer (1954) on pages 240-241 (classic case 12.1) and then discuss:

a. the facts of the case (briefly, in your own words);
b. whether a serious offer was made by Lucy – why or why not; and
c. what the court ultimately ordered.

3. Discuss the following issues regarding “contractual capacity” (and when contracts are enforceable or not):

a. minors;
b. intoxication; and
c. mental incompetence.

4. List and discuss the four types of contractual damages – be sure to include a few sentences of essential info for each type.

(Each numbered question is worth 25 points)

DO NOT USE ANY SOURCE EXCEPT THE E-BOOK I PROVIDED!

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